James Webster: Well, good afternoon everybody. Thank you for joining us Deal or No Deal and what's ahead for the brokers. My name is James Webster. I am the CEO of
National Business Capital and Services. We're located in Bohemia, New York. And we have been in business since 2007, helping small businesses across the country
obtain working capital and ancillary services for their business. Today, I am joined with some industry veterans in discussions with what is going on in
today's current state. We have Gerald Watson from the Watson Group, Jared Weitz from United Capital Source and Brock Blake from Lendio. So I'll let these
gentlemen introduce themselves and their companies that they respectively represent.
Jared Weitz: Sure, I'll go first. My name is Jared, I'm CEO and founder of United Capital Source. We've been a consultative consultative marketplace broker since
2011. And have brokered close to a billion dollars in financing to over 25,000 small businesses.
Brock Blake: Right, I'll jump in. Thanks for having me. My name is Brock Blake. I'm the Founder and CEO of Lendio. Largest marketplace in the United States for
business loans. We work with, just like a lot of you on helping small business owners get access to capital and we've funded a little over, well, now with PPP, we can
say $13 billion dollars, 200,000 customers. So glad to be here.
James Webster: Thank you, Brock. Mr. Gerald.
Gerald Watson: Yes sir, my name is Gerald Watson. I'm with the Watson Group. We specialize in alternative financing, factoring, PO funding and contract
financing. Been in the industry about 35 years do some MCA Business. Wrote some articles that they've you've probably seen in deBanked magazine on how to develop
your factoring business for ISOs. And glad to be here today as well.
James Webster: Great, thank you for joining us. So I am not only a moderator on this panel, but also a panelists. So I appreciate the patience here as I
rattle through some of the questions and also give off some answers. For my first question, I will this one's for everybody. But Brock, why don't you start us off?
How is the pandemic, the current pandemic impacted you and Lendio today?
Brock Blake: Well, first thing is I think that it probably took 10 years off my life. At least, this has been quite a roller coaster as we started to see all
the news around the pandemic and then how it impacts the lenders in the industry. And we're tracking you know, the lenders and how much volume they were lending
and just like day by day, there was a period of time or every single day lenders were saying okay, we're tightening our box or we're pausing lending and you
have, you know, what used to be 100% capacity is now almost overnight dropping down to, you know, I think we we measured about 20% capacity. And so your business
one night to the next goes out of business and you're trying to figure out, you know, what do we do and we also were watching the Cares Act very closely and felt
like there was going to be a stimulus package we weren't quite sure what that would look like and but felt once we found out the details, we decided we were
going to be all in and so we really rallied the organization around the Paycheck Protection Program and jumped into it and build some we were fortunate to land
a couple deals one with Jack Henry to the added 200 banks and credit unions on our platform and a couple other non bank SBA lenders and we wouldn't have it and
you know, we It was no question one of the most fulfilling kind of components in my or time periods of my entire career and but also one of the most
challenging and one of the most painful, we had some incredible high five moments where, you know, you're thinking about all these business owners that are going
out of business and the urgency around that and the money is running out, you know, so quickly and everyone just needs their money yesterday and you're trying to
help facilitate that and, and no one had ever done a PPP loan before and but in the end, we ended up you know, we're we're tracking about 100,000 loans that
we've done in the last week and or 8 to 10 weeks, and 8 to $9 billion of loans. And, and so it's been it's been an incredible experience, like I said, the highest of
highs, the lowest of lows. But the body of work or some is something that will be will be forever proud of just being a part of that experience and helping these small
business owners during that time. Yeah, it can we can write a full book about it. And so I'll stop talking now. Otherwise, I'll just keep telling more and more
stories.
James Webster: Thank you. I appreciate that, Brock, Jared, how about your business?
Jared Weitz: I'm sure I think similar to what Brock said, you know, we went from dealing with 30 to 40 different MCA working capital lenders. And each day, we
were finding new guidelines or lenders that needed to pause. And so we decided to follow the securitization fairly closely to find out what's going on with those
lenders. We spoke with a lot of our other private lenders on the side and just figured out what was really going on. during that timeframe. I think, aside
from speaking to lenders, and clients, you're also talking to your employees, right? Employees were also wondering what's going on. The world is burning down
around them, right? And so you were really calming down kind of three parties at once, while managing your own anxiety. And so, I thought it was extremely just a fast
paced stress that really needed to be focused on and put into a process. And so we automated our PPP process, we got on with a few different lenders, small,
private SBA bank that was able to just serve us our needs. So processed a good amount. On the inside, some of our folks just focused on customer service. Speaking
to our book, and doing whatever working capital deals that we could and thankfully, we didn't need to furlough and layoff anyone
James Webster: That's awesome. Mr. Gerald.
Gerald Watson: Yes, sir! Like hey, our business exploded. You know, the fact is that what the increase in demand for PPE products, you know, if you stop
someone in the city today on the street and ask them what PPE is, what kind of PPE that they'll reach in their pocket pull out a mass or a little thing a hand
sanitizer, maybe some gloves? Six months ago if he asked someone in the city on the street what kind of PPE they had in their pocket, they may pull out a 357
Magnum
James Webster: is gonna say you might get hit across the head.
Gerald Watson: I try so it's a totally different reality and they're so the demand for products right across the board, commercial and government is there
and companies are getting contracts. I mean, you can fog a mirror, you can get a PPE contract for millions of dollars and they got to find a way to fund that
stuff. And that's one of the things that we do. So it I guess in a nutshell, it's it's a new product, same products, new markets. And you know, one of the things
we said and the articles that we wrote was was getting in position, and the opportunity is still there. But for ISOs, getting in position, expanding your product
base to respond to the demands of the market, is one of the things that's essential to survive and grow. And that's what we've done.
James Webster: And I appreciate that. And I agree. As far as, as far as National, you know. And on my, for myself, personally, I think it's changed. It's impacted
me in some positive ways. I've spent some more time with my family, I've really connected, you know, I have a nine year old daughter, a two year old son, I really
had a newfound relationship with my daughter. And I know this isn't about family. It's about work and what's going on in the market. But that's just my two
cents on some positive that I saw through this pandemic. On the business side, you know, as well, we we're participating in the PPP. It was very rough in the
beginning, like Brock was mentioning, Jared was mentioning a lot of sleepless nights. A lot of when you were saying Jared about trying to calm down the
clients, the lenders, as well as the employees. I mean, I know exactly what you're saying. We did more zoom calls. And it was on the phone more over the these past
three months then I have probably the past 10 years. It's just been non stop. And you know together, I'm confident that we will come out stronger on the other
end of this. We've been prepared for some sort of a downturn. And not knowing what it was just being prepared for it has just made us stronger and ready to
tackle the future. But what that holds. The next question, and we'll start with Gerald. How have these recent events shaped How a broker should approach the
funding partner relationship. Actually, I'm sorry, maybe that's not the best question to start with you for Gerald. Jared, if you don't mind, I'll start with
you on that one, How have your events shaped how brokers should approach funding partner relationships?
Jared Weitz: You know, I think now more than ever, with the losses that funding companies have taken, they really want to understand where their paper is going to
be coming from as they open back up. And so we've always at United had really good relationships with our lenders, you know, we've spoken to a lot of them
personally over this timeframe. And it was really nice, because a lot of them were first asking, you know, just how we work personally, and vice versa. And the first
5-10 minutes of each phone call was really just catching up and making sure people's families were okay, and having some laughs before we kind of got into
talking about, you know, COVID. Um, I think, for us, you know, and for brokers moving forward, you know, the stacking is going to be, I think something that really
goes away quickly, aside from merchants being a little more cautious about what they're doing. And funding company sees if they'll just, you know, really cut
somebody off very quickly, I think that they're really going to be starting by taking the larger and more veteran ISOs first, and I think smaller shops will
first have to go through guys like us in order to build a reputation back a little bit.
James Webster: I agree with that. Brock, how about you?
Brock Blake: Yeah, I mean, I think there's some great comments, Jared, you know, it is about the relationships that you have with the lenders, you know,
and being able to say, you know, it's, there's the great times when things are going well, what's the relationship like? And then when things are not going
well, that's where the relationship really becomes strengthened? And how do you work together to solve problems? And, you know, from from a partnership
standpoint, trying to understand what are the lenders priorities? What what type of customers are they seeking to fund that if their box isn't completely wide
open? Like it was pre COVID? And what types of customers are they looking for? Is it the renewal customer? Is it a certain industry? You know, and so
from our standpoint, is it's lender by lender really trying to understand their priority? The type of customers are looking for, how do we get deeper into
the data of the files, you know, to know, maybe this, it's a restaurant and they actually or a different business, that their cash flow improved? During COVID.
It was, you know, counter to the cycle to the, to the pandemic? And so, from our standpoint, like, like Jared said, it's kind of same this, how do we how do we
deepen the relationship? How do we help drive success? What does success look like to them? And how do we drive it during this timeframe? Until you know, the
market opens back up? And and, you know, people can start lending the way they want to, but as of right now, it's more about understanding, then, then it's not
going to be you know, we're not gonna be able to be at the same loan volume. We were, you know, 8 or 10 weeks, 10 weeks ago.
James Webster: Yeah, that's for sure. You know, here at National relationships have always been super important to us. And with the lenders, it's not nothing
different, probably even more so. And during these times, just like what both you gentlemen are mentioning, speaking to a lot of those lenders, what
else can we do to strengthen those relationships, I did notice, we do have a big partner channel here at National but we do not have an ISO division where we do
not take on business from other brokers, but immediately noticed an uptick in request, as soon as the lender started shutting down some of the smaller
lenders, I'm sorry, some of the smaller brokers. For us, we were probably one of the last three with you know, with the gentleman with the other two. And coming
back out of this, I don't see that changing much for at least for my business model. We don't plan on taking on ISO business. It's just not hasn't been part of our
model. And we'll try to service as many as we can, as many clients as we can through our traditional means of getting gaming business. But it's a different world and
the conversations are different. Some of the lenders, you know, the conversations I'm having with them, you could tell they're, they have a foot out the door or
they're trying to figure out what's you know, what's next for them, while others are just sitting here waiting for this to really pass through and to be
confident in what they're lending to. And that's something we can get into a little bit later here. Keeping things rolling, how have these recent events
reshaped customer views on working with non bank? So we'll start off with Brock.
Brock Blake: Yeah, um, you know, I think that customers are, you know, right now it's tough to be able to get a loan outside of PPP. And so with business owners,
they're in a difficult spot, I think it, it opens up their view to be able to say, what are my options? If, you know, prior, maybe it was only a my bank that I
could that I felt comfortable going to? Now they might consider other options. Now, that doesn't mean we want to take advantage of that situation or put them in a
difficult spot. To the contrary, they just have a more open view to what are the different loan products? What are the different lenders, what are the opportunities
that are available during this time. I also think it's, you know, what the last recession, you know, many of the non bank lenders that are some of the largest
lenders, you know, pre COVID were born out of the last recession. And so we it's been fun for us to be able to see some new players coming into the industry saying,
all right, I have been waiting for this moment, I'm going to underwrite based off of a downturn, and I want and I'm well capitalized, and I want to go capture
market share. We've had quite a few that have come to us and with that exact intent. And that are great products for the business owners. And so, you know,
from from our standpoint, that with the customer relationship was okay, we have all these customers coming to us for PPP loans, let's help them get a PPP
long, but let's build a relationship with them to be able to say, after you go through this PPP loan, which is going to be more of a short term bridge to get you
through this pandemic. Now, what are your capital needs to make sure that you're you're able to grow and bring your team members back and invest in different
marketing or resources or other things like that. And so we've had a really nice response from that customer base in a post PPP to explore other other loan
products.
James Webster: A great. Jared?
Jared Weitz: I think, you know, look, I think that bigger banks and non bank SBAs have done a great job, you know, pre COVID, I think that no company or bank or
funder is built to deal with 100% of their clientele at once. And that's really what was happening during this timeframe. And so I think these guys were just shutting
off. And people that once had a really big confidence in being able to go to their non bank or bank, you know, or SBA lender really found that they would have
to go search and find different options. And thankfully, our industry exists. And that technology that everyone use, really exists. Um, you know, for us,
like Brock said, it was helpful to be able to see how many PPP loans we could, you know, move through automation, use them as an acquisition tool and a
bridge to talk to them about how we can help further, you know, during and after this time. We were talking to fixes that probably would have never really spoken
to us. Outside of this, to be honest, I mean, really big businesses that we found ourselves talking to. And thankfully, we followed up with them. And we've
continued that relationship. So I've actually seen a big benefit in being able to do that, and our industry really shine there. You know, being able to use an
automatic I'm sorry, an automated KYC and KYB and do this underwriting process faster than a Chase or somebody else. Felt, you know, really great.
Hey, could I just throw one more thing in there? Jared made a great point. I think we not only did we see a bunch of customers that maybe are untraditional from
what we'd see before as far as, you know, larger loan sizes or things like that through PPP. But one of the one of the things we you know, we see all these small
businesses that wouldn't necessarily qualify for a cash flow loan that have also come back saying okay, well, I just got a PPP loan. Now I want another loan and here's
my, here's my 941 and my payroll stubs, you know, like thinking that that's going to qualify for them a loan for a cash flow loan. And and you know, there is there
is the downside of that. How do we manage the expectations around a bunch of people who just got a loan, that may not qualify for anything outside of a
PPP going forward?
James Webster: I agree with both with, excuse me, what both you say makes a lot of sense and brings it home. We will start off with Mr. Watson on this next one.
Gerald, in your opinion, what is the likelihood of another shutdown in quarter four? And what should we expect? And how would you recommend that we prepare?
Gerald Watson: Well, I am right behind me is a crystal ball. And in a pair of dice, and so you know, every morning we kind of wake up and take a look at the
mirror and try and see which one we get the most insight from but what's going to happen in Q4 you know, I think we all know to be sure when we look at if we
use how this year started, I think everyone's fairly optimistic and looking forward to 2020 had a good ring of good feel to it. And here we are today. So it's
really hard to say but I can I can say this I don't really know what's gonna happen. I can tell you this. In our business, which isn't cashflow driven, unlike
the MCA industry, you know, where you looking backwards. at someone's cash flow, when you look at asset based lending, and particularly things like PO
funding and factoring, you know, we're able to we've got clients right now that are startups. Startup, brand new business, they got a large contract of large PO. 1
million, 5 million, 10 million to supply product. And we're able to work with them to get that funded, because it's a different, it's a different set of
dynamics. So, you know, what we found, James is that there's always a demand for asset based lending in good times and bad times, different products, same products,
different issues. And so, you know, we're fairly optimistic when things are down, people are looking for money to speed up cash flow. When they got opportunity,
they're looking for money to fund those. And the other thing, though, that we've done, and which is, I talked about in the first article, was how we the compliment
between an MCA and asset based lending just a quick example, when a client which is relatively new in business, a large contract with a with a wine importer.
And they were getting product from overseas. And so the problems that they had some containers that had to be funded pretty quickly, and they didn't have, we're
going to put a factory line in place, that's going to take about a week and a half to do so. So what we did was we worked with one of our MCA partners, got an MCA
funded the container, got a pretty attractive early pay discount. And then once the goods came in, we factored the invoice and paid off the MCA. So there's a real
marriage a good way that the two can be used hand in hand. And that's what we see a lot more of in the future.
James Webster: Thank you very much. Jared, what's your opinion on this?
Jared Weitz: I think, um, you know, similar to what Gerald says, you know, for us, we've always been a consultative broker. So we're offering PO, we're
offering AR? Look, I think that there's always a need and a demand for working capital in general. I mean, even through the times of March and April and May being
on the phone myself and wanting to really understand kind of what the market feel was on a S&D level. Um, there was nothing but demand, right? The question was,
who was qualifying at that time. And now as demand has even picked back up, we're still seeing a very high interest in it. I'm thinking and seeing that businesses
taking a little bit longer to transact, right, merchants are measuring twice and cutting once, which I think is awesome. For the lender. I think it's great
for them. But but it's something that we're all going to have to deal with on the broker side and taking, you know, deals a little bit more time to close. But I
think we're going to deal with a more careful merchant. And as far as Q4, I think that everyone is really gearing up for both. I think people don't know what's
going on. And they're saying, look, if there's going to be another downturn, I think it's going to be 50% of what it was. And the reason why I'm saying that is
because I think that people's financial vulnerability will take, you know, more of a mindset now and people's understanding of what this is, and the actual effects
of it have more of a mindset too. So I think if there is another Q4 downturn, I think it's 50% capacity to what it was as far as the shutdown. But I think people
are preparing for both I know I am.
James Webster: Brock?
Jared Weitz: Yeah, it's tough. I mean, you have to prepare for the downside. I mean, my optimistic, you know, my mind won't let me think that it's going to
happen that will come out of that. I just think there's so much of the decisions that have been made, we're fear of unknown. And the more data we get around this,
the COVID, the more we can isolate, you know, resources to those that are the most vulnerable, and hopefully, you know, make good decisions to bring, you know,
people back and do it in a way that doesn't put lives at risk. And I don't realize that that's a tough balance. And, and we're not here to necessarily talk
about that, but I, you know, based on, you know, I'm not, I'm not in New York, and, you know, some of the high concentration places, and so, you know, rest, I've
been in, you know, our headquarters in Utah, and I'm in Southern California right now. And, and it's, you know, in most places there, things are starting to open up
and, you know, there's some positive things. So the trends I see are positive, and hopefully that doesn't mean that, you know, opening back up means a spike in
cases, and other things like that. And so I don't know, it's, it's tough to see, the way we think about this business is that we're preparing for the worst, but
feeling like you know, that three months after they open up is when lenders will start more aggressively lending. You know, I think, like, if they were to open
up in August 1, you know, add three more months to that. So the lenders can actually say, Okay, well, what did it What did the business look like, during the
pandemic? What do they now look like three months post pandemic, now, we got a much clearer picture of, you know, what their cash flow looks like, and they can be
more confident in their underwriting. And so, you know, we're kind of looking that that's how we've thought about timing, and Q$, and how we prepare and plan but
we'll see, we'll see how it all shakes out.
James Webster: So like yourself Brock, I'm an optimist. And I'd love to think that even if there is a unfortunate second flare up, come next cold and flu
season. And a little bit of what you mentioned, Jared, where this country is, and and what we've seen what we saw happen, and although it's been devastating, and it
has on the health care on the health care side, what it also did, and the financial impact that it had to this country is just been a travesty. And I think some
people are gonna weigh that out and just say, you know, you know, does the one way outweigh the other? And what are my risks and in some will be dictated by
government, some will be dictated by by the population, I think, you know, as I'm starting to get out and wander out more people are out there, they're, they're
not wearing masks, they're looking forward to being back out. And then there's the other side that are just fearful of coming out of their house still at this
point, and, you know, it's really a personal personal opinion, what they'll decide to do, I think a lot more, my opinion is, if we do have another flare up, it's
going to be dictated more on the individual personal side, whether they decide to quarantine or not. And that's just again, my opinion in that matter. Um, next
question and this is for everybody, have we begun the recovery at this point? Whoever wants to kick us off?
Jared Weitz: Sure, I'll pick us off. Um, I don't think we've begun the recovery necessarily. I think that, you know, people are starting to peek their head out a
little bit and understand what the weather feels like. I think that lenders are seeing their collection rates start to recover a little bit, which has been helpful
and possibly why guidelines are opening up more and more. I think that when states start to reopen, and then we see a full 30 to 90 days, kind of after that,
that's when I really believe that we'll be in a recovery. Um, that's just my personal goal.
James Webster: Gerald?
Gerald Watson: You know, I think that a lot of it's going to be industry driven, more industry specific. We're seeing in a substantial amount of our clients are
contractors, for example, we've seen some drop off there. Seeing some drop off in new construction. On the other hand, we've seen an increase in demand for
companies who are looking to get contracts who are for certain kinds of retail products. We've just in the past month, for example, we got a client who got a
national contract with the national hardware chain, to provide hand sanitizer and to manufacturing contact and that's just growing and growing. We have other clients
who have contracts with industry, and businesses, plants, distribution centers, warehouses that are opening up who are requiring their to provide their
employees with a certain amount of PPE, whether it's masks or gloves and alike. So, and I think notwithstanding what the economy does, I think we're
gonna see that demand continuing. I think the other thing we're gonna see kind of, interestingly, is the evolution of new industries. And the way people do
business, you know, I mean, this conference is an example of that. And I think that more and more companies are going to are going to look at innovative
ways to do business, I think as a result, they're going to be new industries, and types of business that will begin to emerge, which will create opportunities. And
so it'll be a little bit of a mixed bag, I think we'll see certainly some driving forces, but something's going to take a while to catch up. I mean, the car
rental industry is gonna take a while, you know, that demand is driven by air transportation, right? It's gonna be a while for that to come back. And so same
with the hotel industry. So I think certain industries are gonna, we're gonna see definitely some real growth, others are gonna gonna lag. And I think once we closing
out the rest of this year, a little bit of a mixed bag and promote.
James Webster: Great, thank you. Brock?
Brock Blake: I think they covered it, nothing to add,
James Webster: Kind of with you guys on that. All right, we have five minutes left, we have two questions. And we have two questions that came in from
attendees. So we'll try and get to all of them. We've been hearing a lot on social media, what people put out there as far as lender saying, were still funding, some
have said they never closed. In your opinions, what is real life versus hearsay, out there with what people are doing versus what they're saying they're doing?
Jared Weitz: Love this question. Gone? Um, you know, look, we were dealing with funding companies during the whole time and trying to fund whatever we could. The
ones that we were funding with, weren't talking on social media about it at all. They were too busy really handling the company at a company level. I mean, even
from CEO down, right? So it was the folks that were mentioning that they were funding on LinkedIn, or any, you know, Facebook forums, that I myself, in my
experience recently would reach out to and trying to understand what they were doing. And I didn't find that those folks were doing much. I think that the
industry's main funders will still be its main funders, and I think the private ones that existed before, um, I think a percentage of those will still exist. And then
I think there will be some that have a really difficult time starting back up again/
James Webster: For us, I you know, I there's only a small handful that I will take it at, at word. And very similar, most we're not saying much, or telling us hey,
we're not until further notice. The ones that said we were for us, it was okay. And we'll continue to test as we tested throughout the entire time and and really
came up with exactly what you had said that most were just not. You know, it just is what it is. All right. Mr. Brock, did you want to add anything to that?
Brock Blake: Yeah, I just think it's interesting. You know, some of the, I mean, you've pretty much covered it, there are a bunch of the securitization market is
going to drive, you know, some of the larger lenders. Like do they have access to capital? And some of them, some of them do, but it's not just their appetite to
lend and whether they can go and underwrite based off of credit boxes are good, good data that they're getting from their customers. It's do they have the
capital to be able to put the money to work and we all know that, but specifically the securitization market that's it's dried up right now. And some of the larger
lenders, it's going to be a little while before they're back.
James Webster: This is another good one, how should a broker truly evaluate the circumstances right now? I don't know that we have time to answer that part of the
question, but maybe the second part in your own way for a broker, is it time to stay the course jump in or consider an exit altogether? I'd love to hear from each
of you. I don't think we have an at the time to hear why but but maybe if you could just tell us what you feel.
Jared Weitz: I'll say very quickly. Yeah. As someone that's been in the industry a long time I'm not thinking about jumping ship. I'm totally thinking and
planning and have planned on how to stay the course. Look, I think any entrepreneur in general, if you plan on being in business for X amount of years, you're
going to have a ton of stuff thrown at you. And if every time something was thrown at you, you gave in the towel, you have a lot of new stuff a lot. So I think
the really good operators will stay the course and down the hatches like I have, I think, guys that were making them differently in the industry, I'll say are going to
have a difficult time starting back up.
James Webster: Mr. Gerald?
Gerald Watson: Yeah, just real quick on my end, we will definitely stay in. To ISOs, look to become a looked at to adding value, adding value is everything, look to
become a trusted resource with your customers. Understand you're in the solutions business, not just passing paper, look to them to help solve their
problems. They they're dealing with problems or opportunities. And what you want to have in your toolkit is a mix of funding products that can help them
address both sides.
James Webster: Great answer. How about you Brock?
Brock Blake: Yeah, I mean, downturn creates opportunity, just like you said, it's not going to be the same old business that we've been doing the last
few years. Where, you know, the demand from lenders is as high as it's ever been. And now we have to get a little more creative around, you know, how are we going
to drive value? What are the loan products, you know, maybe it's like Gerald said, asset backed loans, or maybe now SBA loans or other things like that, to be
able to, you know, create new opportunities that maybe didn't exist before. So it's, we're not gonna be able to rely on kind of everything that we've just always
done. If we get creative, that I think that will make you make us all better entrepreneurs, it'll be good for the industry, it'll be good for the customers, and
we'll come out strong.
James Webster: Great, thank you. We have, we're probably over by 10 seconds. But my input on that is really evaluate your personal circumstance. If you feel
you have a book, and you're able to, you know, kind of trim down some of the fat, tighten some of the reins and restructure a bit. And then I think you should stay
the course, if you just started, you put a lot of capital into this, and you don't really have that big of a book or an understanding on the industry. I don't
like to tell people what to do. But you know, maybe look for something else. It is going to be a bit of a road to recovery. And if you're not prepared for it,
it's going to be a very rough one. I think the more prepared you are, the better you'll be at it. It's really what it comes down to. I think that's all the
time we have. We are definitely over time. We did not get to answer some of these questions. I apologize, but I'll try to maybe get to some of them and pass them out
to the panelists to see if we can't answer these. But thank you very much, guys. Appreciate your time and good luck.
Jared Weitz: Thanks, everyone.